World Bank approves US450M "Competitiiveness" loan for Jamaica

The World Bank has approved a loan of US$50 million for Jamaica’s Foundations for Competitiveness and Growth Project.
This will assist existing and new businesses to benefit from streamlined regulations and processes, public-private partnerships, as well as training and access to financing.     
Finance Minister Dr. Peter Phillips says the project complements Jamaica’s fiscal and monetary measures by supporting efforts within the public sector to enhance competitiveness among Jamaican enterprises.

View the original article here

World Bank approves US450M "Competitiiveness" loan for Jamaica

Silver, bronze for Jamaiac in sprint relays at World Junior Championships

Jamaica gained a silver and a bronze medal on the penultimate day of the IAAF World Junior Championships in Oregon on Saturday, with both sprint relay teams achieving a measure of success.

First, the female team of Sashalee Forbes, Kedisha Dallas, Saqukine Cameron and Natalliah Whyte grabbed silver in their 4x100m relay in a time of 43.97 seconds. This was the first medal for the females at the Championships.

USA, the host nation, has been enjoying a great deal of success in these Championships, and this continued with the gold medal in this race, in a time of 43.46. Germany placed third.

In the men’s 4×100, Jamaica placed third (39.12) with the USA again taking the gold in a time of 38.70 seconds.

View the original article here

Silver, bronze for Jamaiac in sprint relays at World Junior Championships

Former NWA director among five nabbed on fraud charges

Former Director of  Special Projects at the National Works Agency (NWA) George Knight, is among five men charged by the Major Organised and Anti-Corruption Task Force, MOCA, with fraud.

Mr Knight, the CEO and President of  Cenitech Limited, and founder of the company, 62 year old Clava Mantock Snr, have been charged with forgery, uttering forged documents and conspiracy to deceive.

The others who were charged last night are Mr Mantock’s son, 32 year old Analyst Clava Mantock Jnr; 40 year old Melville Edwards, a Director of  Cenitech and 48 year old Police Inspector, Andrew Bobb, sub-officer in charge of  the Manchioneal Police Station.

The men were arrested on Friday during operations conducted by MOCA and the Anti-Corruption Branch, ACB. The cops raided several locations including the offices of  Cenitech off Eastwood Park Road. MOCA said the arrests stemmed from a two-year investigation which also involved the Financial Investigation Division. 

The police have not disclosed the nature of  the allegations against the men, but it’s understood that the cops are investigating major fraud involving government contracts.        

The five are booked to appear before the Half-Way-Tree Criminal Court tomorrow.  

View the original article here

Former NWA director among five nabbed on fraud charges

Stock Exchange revenue increase by 15%

An increase in fees and other income helped to boost the financial performance of  the Jamaica Stock Exchange, JSE, during the April to June quarter.The Stock Exchange’s revenue rose by 15 percent or eleven percent to 83 million dollars when compared to the corresponding period in 2013. The improvement in income also helped the JSE lower its losses from 10 million dollars last year to one million dollars during the three months.In the meantime, the JSE is banking on the improved economy to help boost stock trading. The Stock Exchange says while trading has been subdued, improved economic results and outlook will have a positive impact on listed companies and the equities market.The JSE also expects increased marketing and income diversification to pay off  in the medium to long term as it seeks growth through new and existing markets as well as new product development.

View the original article here

Stock Exchange revenue increase by 15%

Municipal Validation Amendment Bill passed by Senate

The Senate on Friday passed the Municipal Validation Amendment Bill.

It removes the final hurdle for Portmore’s Acting Mayor, Leon Thomas, to remain in the position, until the next Local Government election.
But the Bill was challenged by Opposition Senators who said the amendments were unconstitutional.

The Bill, will among other things, validate official duties carried out by Thomas who has been acting Mayor since the death of  George Lee in December.   

The debate became contentious and the Government side used its majority to facilitate the passage of  the Bill while the seven Opposition members voted against it.

View the original article here

Municipal Validation Amendment Bill passed by Senate

Opposition not satisfied with amendments to tax bills

The opposition Jamaica Labour Party’s (JLP) spokesman on Finance Audley Shaw, remains unsatisfied with the amendments that have been made to the two tax Bills which were approved by the House of Representatives earlier this week.

A wave of concern erupted from various quarters about the bills, because of the far-reaching powers it proposed to grant to the tax authorities.

These include the power to automatically place a lien on property  owned by delinquent taxpayers, and to institute garnishee proceedings.

However on Friday, the Finance Ministry said he amendment to ensure that no lien could be registered without a court order would be removed.

But Shaw is arguing that the power to garnish funds is also one that should only be conducted after the court’s adjudication process.  

Shaw also says the opposition will not backing down from conducting a review on the constitutionality of the bills and will not rule out court action to get the matter resolved.

View the original article here

Opposition not satisfied with amendments to tax bills

Jamaican philanthropist - Raymond Chang is dead

Jamaican businessman and philanthropist Raymond Chang died in Canada on Sunday. Chang, who was conferred with the Order of  Jamaica in 2011, was ailing for some time.    

He went to Canada in 1967 to study engineering at the University of Toronto. He became chairman of  CI Financial, one of  Canada’s largest investment fund and publicly traded companies.

Chang was also a member of  the Toronto General and Western Hospital Foundation and served on the Ryerson University Board of Governors.         

Over the years, he became recognised for his outstanding contribution as a business leader and philanthropist in the financial, health, education and cultural sectors. He made numerous donations to his alma mater, St. George’s College, and provided jobs for a number of immigrants, many of  them Jamaicans.

View the original article here

Jamaican philanthropist - Raymond Chang is dead

JMMB Group seeking to establish bank in Dom Rep

The JMMB group is seeking to establish a bank in the Dominican Republic, pending approval from the regulatory authorities in that country.       

According to a news report from a respected source, Business News Americas, JMMB, is hoping to have the bank operational by year end. 

The Dominican Republic based bank, would add to JMMB’s presence in that country, in which it now operates the securities dealership, JMMB Dominicana.

The move comes a year after JMMB took full control of Trinidad and Tobago based Inter-Commercial Bank.

JMMB has also applied for a commercial banking license in Jamaica, but the Bank of Jamaica has not yet given its approval.

View the original article here

JMMB Group seeking to establish bank in Dom Rep

Bright start for Jamaica in Track & Field at Commonwealth Games

Jamaica’s track and field competitors have started brightly at the Commonwealth Games in Glasgow, Scotland.

Kemar Bailey-Cole has so far logged the fastest time in qualifying for the men’s 100 meters. He won his heat in 10.16 while Jason Livermore was also a heat winner, easing to 10.26

National Champion Nickel Ashmeade also won his heat, in 10.40 seconds

Swimming

Earlier, in the pool, Alia Atkinson continued her quest for gold when she won her heat in qualifying for the semi-finals of the 100m breast-stroke.

Atkinson swam a time of 1:07.95 to win her heat by over two seconds. She has the second fastest time  going into the semis.

Netball

The Sunshine Girls registered their third straight victory after crushing host nation Scotland 68-26 in netball.

The Jamaicans led by quarterly scores of 17-8, 31-15 and 51-18 before going on to the win.

They will next play Malawi in a crucial match on Monday.

View the original article here

Bright start for Jamaica in Track & Field at Commonwealth Games

"Disabled could be shut out of rental market" - Communicaitons Specialist

With the pending implementation of huge fines for rental properties that do not have facilities in place to accommodate the disabled, it’s feared that the disabled could be shut out of the rental market.

According to the recently passed Disabilities Act, rental premises are mandated to provide facilities to accommodate the disabled, with fines being imposed for non-compliance.    

But Martin Henry, a prominent academic and public commentator fears this may have unintentional consequences. Henry, who was a guest on RJR’s That’s a Rap, argued that it may promote back-door deals being made which ultimately may cause discrimination.

“Already we have a very difficult rental market for non disabled persons.  The more you load the system with requirements, it may have the opposition effect of making premises  Of making premises not available, we are in a sort of non-legal kind of negotiation that could be made….  I’m pretty certain that the   negative fallout will be the withdrawal of some premises in the market place,” Henry said. 

In weighing in on the issue, Commentator Nadine Spence, who was also on “That’s a Rap,” said a mind-set change is needed, so that no one will not consider it a burden, to make modifications in order to accommodate the disabled.

View the original article here

"Disabled could be shut out of rental market" - Communicaitons Specialist

UNITE for change app for August 6 launch

The Ministry of National Security will launch the UNITE for Change app during Independence Day Gala celebrations on August 6.   

The app is intended to be used as another avenue for the public to alert the police.    

In the latest Force Orders, the High Command said it will be available for download during the Grand Gala. The High Command has also written to members of  the Force, telling them to be ready to respond to those who use the app to make contact with the police.   

The UNITE for Change app is designed to allow members of the public in distress to activate a signal which will relay their location to the police.    

The police central command will respond to the signal and dispatch personnel to the location.        

The High Command has announced that a simulation exercise demonstrating the use of  the app and the response from law enforcers will be staged in all 19 police divisions on Thursday.  

View the original article here

UNITE for change app for August 6 launch

MOCA to question former NWA officer shortly

Attorneys representing a former senior official of  the National Works Agency (NWA) and at least three other men are making arrangements for a question and answer session. It will be carried out by detectives assigned to Major Organised and Anti-Corruption Task Force (MOCA).

The former NWA official and his brother, an Inspector of Police, remain in custody as MOCA continues its probe into a major fraud and conspiracy racket.

The former NWA executive and two directors of  his company were detained on Friday morning during operations which stretched to Portland where his brother was held. The police also went to five locations in the Corporate Area.

According to MOCA, the operations resulted from investigations into suspected cases of  forgery and conspiracy, which began several months ago.

View the original article here

MOCA to question former NWA officer shortly

Samuel Rosenberg: Breaking down financial jargon

Samuel Rosenberg

NEW YORK United States, Friday July 25, 2014 – You would have met people that try to use the longest and most complicated sentences to make them sound superior in your company, while not wishing to check whether you understand the flow of the conversation or not. When it comes to important financial matters, some people try to impress you with a constant stream of complex financial jargons. The good news is that you don’t have to be worried, and here’s why.

Learning about financial jargon isn’t difficult. If you think back to the first day when you started to learn English grammar, you may not have known the difference between verbs, nouns and infinitives. Those strange names, from the past, became much easier to understand as you were taught and educated by your teachers. Financial jargon is the same.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

Across the course of your lifetime you will be involved in a number of investment openings. You might be purchasing your first home; saving funds for your children’s education; seeking an opportunity to begin a business or looking towards your pension planning.

You will need to begin your investment journey by locating a professional financial adviser that can guide you through your first investment involvements. A friend or relative who has invested successfully is a good introduction to an advisor. Alternatively, your bank is likely to have an expert or be able to recommend one.

Your initial target is to find out about all of the products that are available in the marketplace and after close assessment, decide which are available to you and then which are right for your investment planning at that time.

You will need to give your financial advisor sufficient information about your current and future circumstances, so they can adapt to a plan that will help you choose the best investments for your needs. Over time, these needs may well change and once you have built up an education and knowledge about investment planning, you will be in a position to know which products and services will serve you best. There is a great deal of difference between saving money to buy land over the next two years against planning your retirement which might be 20, 30 or 40 years away. One will need a short-term focus and the other a much longer viewpoint.

You should always ask your financial advisor whether they are receiving commission from a company they are introducing to you or whether you must pay a management fee for their knowledge and investment advice. This will affect, or lower, the overall return on your investment and is a very important question to ask at an early stage.

There is absolutely no reason to be afraid of financial jargons. Every industry has its own jargon that people use every day. You will no doubt confuse your financial advisor when you talk about your own industry and use general jargon when you perhaps don’t even realise you are using it. The more knowledgeable you become, the better your chances are to make a higher return on your investments, so don’t miss the opportunity to gain the knowledge.

The writer is the founder and CEO of Axcel Finance Ltd., the leading regional microfinance institution. Share your thoughts and email your questions to srosenberg@axcelfinance.com

View the original article here

Samuel Rosenberg: Breaking down financial jargon

Kamla wants criminal investigation into Trinidad Lifesport Programme

PORT-OF-SPAIN, Trinidad, Friday July 25, 2014, CMC – Prime Minister Kamla Persad Bissessar Friday said she had asked her Attorney General Anand Ramloan to hand over copies of the audit of the controversial Lifesport programme to the Director of Public Prosecutions and the Commissioner of Police “to investigate, detain and prosecute those guilty to the fullest extent of the law”.

Persad Bissessar told Parliament that the audit had revealed a number of discrepancies including procurement breaches; the involvement of some persons in criminal activities; fraud by suppliers; theft of equipment; breaches of the Proceeds of Crime Act and a deviation from the mandates of Cabinet.

Former National Security Minister Austin Jack Warner, who described the programme as a “cess pool of corruption” said that in another country, the Minister of Sport, Anil Roberts would have resigned.

The main opposition People’s National Movement (PNM) has filed a motion in the Parliament calling for the censure of Roberts as a result of the programme that they said was riddled with corruption.

Prime Minister Persad Bissessar, defending her government’s decision to launch the audit, said that in May, a newspaper publication brought to light allegations of wrong-doing and misuse of resources in the LifeSport programme.

“Based on the very real possibility of there being irregularities I immediately instructed that the programme be transferred to the Ministry of National Security, and that the Ministry of Finance and the Economy, through its Central Audit Committee, conduct a full audit.”

She told legislators that a thorough and focused audit has now been completed and that because the programme was intended to “positively impact some of our most vulnerable, younger citizens, I believe it is appropriate that the report of the Central Audit Unit on the LifeSport Programme be made public, by being tabled here in the House of Representatives”.

She said that the programme began in June 2012 and at the time of the audit, 43 centres had been established throughout the country to cater for young people between the ages of 16-25.

She said that the audit also raised questions regarding possible complicity by officers of the Ministry, given the widespread nature of the breaches.

“What is most shocking and disappointing, is the fact that given the usually stringent nature of the bureaucratic processes in obtaining approvals for projects, implementing programmes and monitoring progress, no action was taken to halt or prevent what the Audit Committee found”.

Persad Bissessar said that she was disappointed of having to immediately halt the programme because it was conceptualised and formulated as part of a comprehensive programme to try to roll back the tide against criminals and criminality in the country.

“It was specifically focused on saving the lives of young men who needed to be protected from the criminals who routinely preyed on them, and helping to shape positive futures for these young people.

“We see our young men as future fathers, future role models, future professionals, who need care, attention and opportunities.

“The criminals see them as pawns and as persons who could front crime and violence. To the criminal elements, these young men are a means to an end, and are, in their view expendable.”

She told legislators that given the fact that the Central Audit Committee has raised the possibility of complicity by Ministry officials, the report will be sent to the Integrity Commission and the Head of the Public Service for further investigation, consideration and action.

“Citizens of our country can rest assured that as we move forward implementing programmes meant to positively impact our communities, we will not tolerate wrong-doing, we will not tolerate corruption, and we will not tolerate the abuse of programmes meant to save our people, for selfish, personal gains.

“In fact, if there is one very important message coming out of this Audit Report is the urgent need for procurement laws to become fully operationalized,” said Persad Bissessar, who made no mention of her Sports Minister during her statement to Parliament.

View the original article here

Kamla wants criminal investigation into Trinidad Lifesport Programme

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

Almond Beach Village, Barbados (File photo)

BRIDGETOWN, Barbados, Sunday July 27, 2014, CMC - Jamaican hotelier, Gordon ‘Butch’ Stewart’s, Sandals Group will within a few days purchase a Barbados flagship tourism property, Almond Beach Village, for US$53 million.

Reporting on the matter, the Sunday Sun newspaper, hailed the pending transaction for providing a boost to Barbados’ highly stressed foreign exchange coffers.

“It will all be in the form of badly needed foreign currency,” the paper stated.

The property is currently owned by state corporation, Barbados Tourism Investment Inc.(BTI), through which government has been borrowing money from another state entity, National Insurance Service, to keep that premier real estate afloat.

Click here to receive free news bulletins via email from Caribbean360. (View sample)

Sandals Chairman, Gordon “Butch” Stewart.

The sale of Almond to Sandals was recently examined by Cabinet and approved by prime minister Freundel Stuart.

The Sunday newspaper quoted from a note sent to Cabinet by BTI when the purchase was being considered, “It is also worthy of note that Barbados would have been able to convert a Barbados dominated loan facility, namely borrowings from [NIS] and Almond Resorts Inc., which was all in Barbados currency, into United States dollars at a rate of $2 to $1?.

The emphasis on the foreign exchange gain from this anticipated purchase comes against the background of an analysis by international rating agency Moody’s on the perilous threat the Barbados dollar faces if its foreign currency reserve suffers further drops.

“Any further erosion in reserves would likely put further pressure on Barbados’ currency, which is pegged to the US dollar,” Moody’s stated in a July 21 report.

Moody’s added, “After recovering slightly during the previous three quarters, foreign exchange reserves have resumed their decline, and as of 30 June remained around 25 per cent below early-2013 levels,” Moody’s noted. “This decline occurred despite a slight recovery in long-term private financial inflows that traditionally help support the central bank’s international reserves”.

Half-year figures from the Barbados Central Bank show the foreign exchange reserve falling from BDS$1,219.9 (One BDS dollar = 50 US cents) at the end of June 2013 to BDS$1,093.3 at June 30 this year.

View the original article here

Sandals to give Barbados foreign exchange boost with US$53m hotel purchase

First loss of CPL 2014 for Tallawahs

The Jamaica Tallawahs went down by 13 runs to the Trinidad and Tobago Red Steel Saturday; this being their first defeat of the 2014 Limacol Caribbean Premier League.

The Red Steel first composed a formidable 183-5 in front of a sell out crowd at Queens Park Oval. The 22 year old Evin Lewis led with 72 while Kevin O’brien 32, darren Bravo 30 and captain Dwayne Bravo 24 made useful contributions.

Andre Russell 2-23 and Rusty Theron 2-34 were the pick of the Tallawahs’ bowlers.

Captain Chris Gayle then led the Tallawahs’ reply with a top-score of 60. However he was one of four wickets for man of the match O’Brien who also removed Jermaine Blackwood for 28, Adam Voges for 12 and Owais Shaw 2.

Despite a cameo of 40 off just 17 balls, from Russell, the Tallawahs still fell short.

Amazon Warriors

Meanwhile, despite a  century from Dwayne Smith, the Guyana Amazon warriors  still scored a close 7 run win over hosts Barbados tridents at the Kensington Oval in the day’s other match.

The Amazon Warriors first posted 173-5. Lendl Simmons, 62, and Martin Guptill, 55, shared in a 103 run opening partnership. Jeevan Mendis took 2-33.

Smith then scored an unbeaten 104 for the Tridents who appeared to be cruising to victory before they were restricted to 166-4. Smith’s knock included 8 fours and 6 sixes. Shoaib Malik also scored an unbeaten 50.

Jamaican Krishmar Santokie took 1-31 and Ransford Beaton 1-27 for the Amazon Warriors who were rebounding from Thursday’s last ball defeat to the Trinidad and Tobago Red Steel.

Sunday

The Red Steel will be in action again on Sunday against the Zouks while the Tallawahs head to Kingston for their final three preliminary matches.

View the original article here

First loss of CPL 2014 for Tallawahs

Fires under control in St. Andrew hills as air quality becomes a concern

There’s concern this morning about the environmental impact of  the bush fires which have razed large acreages of  farmland and other hilly sections of Jacks Hill in St. Andrew over the past 24 hours. One environmentalist is warning that there will be implications for air quality in the Corporate Area.

Chief  Executive Officer of  the Jamaica Environment Trust, Diana McCauley, says the fires in a wide section of  the hills overlooking Kingston have made a bad situation worse:    There were several anxious moments last night for residents of  Jacks Hill and surrounding areas in St. Andrew as massive bush fires spread uncomfortably close to houses and other properties.

A house in an informal settlement near Tavistock was destroyed. The fire is believed to have started at that location. Fire personnel along with Jamaica Defence Force helicopters transporting water battled the fires in other communities including Ivor, Cassia Ridge and Westphalia.

Three units responded to the fires which started about 10 o’clock in the morning and later spread due to heavy winds.

And up to early this morning some of  the fires were still burning along Jacks Hill Road and in Cassia Ridge. Fire personnel said others had been extinguished.

View the original article here

Fires under control in St. Andrew hills as air quality becomes a concern